TIG Advisors LLC Invests $44.12 Million in Pactiv Evergreen Inc. (NASDAQ:PTVE)

TIG Advisors LLC bought a new position in Pactiv Evergreen Inc. (NASDAQ:PTVE) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,525,464 shares of the company’s stock, valued at approximately $44,120,000. Pactiv Evergreen comprises about 3.1% of TIG Advisors LLC’s investment portfolio, making the stock its 10th largest holding. TIG Advisors LLC owned about 1.41% of Pactiv Evergreen at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AlphaQuest LLC boosted its stake in shares of Pactiv Evergreen by 10,155.9% during the 4th quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock worth $61,000 after acquiring an additional 3,453 shares in the last quarter. Blue Trust Inc. raised its holdings in Pactiv Evergreen by 1,590.7% in the 4th quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock worth $139,000 after acquiring an additional 7,492 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Pactiv Evergreen during the 4th quarter worth $180,000. Envestnet Asset Management Inc. acquired a new stake in shares of Pactiv Evergreen in the fourth quarter valued at about $257,000. Finally, SG Americas Securities LLC bought a new position in shares of Pactiv Evergreen in the fourth quarter worth about $270,000. 22.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, UBS Group lowered Pactiv Evergreen from a “buy” rating to a “neutral” rating and raised their target price for the company from $16.00 to $18.00 in a report on Friday, January 10th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $16.80.

Pactiv Evergreen Price Performance

Shares of PTVE opened at $18.01 on Tuesday. The stock’s 50-day moving average price is $17.94 and its two-hundred day moving average price is $16.27. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The stock has a market cap of $3.25 billion, a P/E ratio of -19.58, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. Pactiv Evergreen Inc. has a 1 year low of $8.83 and a 1 year high of $18.03.

About Pactiv Evergreen

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.